Business
Index rises by 1.1% as Dangote Cement nets N149bn on capacity increase
LAGOS: Dangote Cement Plc said yesterday that its full-year profit gained 24 per cent as increased capacity improved sales.
Net income for the year through December advanced to N149.6bn, from N120.9bn in 2011 financial year, while revenue rose by 24 per cent to N298.5bn.
Meanwhile, the benchmark index of equities turned green on the Nigerian Stock Exchange yesterday, as some investors took position on stocks with good earnings.
The All Share Index rose by 1.05 per cent to close at 33,432.68 points, as against the decline of 0.01 per cent recorded the preceding day to close at 33,086.29 points.
Market capitalization appreciated by N11bn to close at N10.68trn, in contrast to the dip of N1bn recorded the preceding day to close at N10.57trn.
All the sectorial indices gained substantial points except the Insurance index and Oil and Gas index which lost 1.49 per cent and 0.67 per cent to close at 144.17 points and 192.88 points respectively.
The Lotus Islamic index increased by 1.37 per cent to close at 2,274.11 points, while the Industrial Goods index added 1.34 per cent to close at 1869.02 points.
The NSE 30- index appreciated 1.12 per cent to close at 1597.95 points, while the Consumer Goods index rose by 0.27 per cent to close at 966.96 points. The Banking index increased by 0.17 per cent to close at 389.41 points.
ABC Transport Plc led the gainers’ table with six kobo or 9.84 per cent to close at 67 kobo per share, followed by Learn Africa Plc with 18 kobo or 9.84 per cent to close at N2.01 per share.
Nigerian Aviation Handling Company Plc gained 40 kobo or 7.14 per cent to close at N6.00 per share, while Unilever Plc appreciated by N3.50 or 6.60 per cent to close at N56.50 per share.
On the flip side, MRS Plc lost N2.01 or 9.97 per cent to close at N18.15 per share, while Ikeja Hotel Plc shed seven kobo or 9.86 per cent to close at 64 kobo per share.
Cap Hotel Plc declined by 50 kobo or 9.82 per cent to close at N4.59 per share, while Custodian Insurance Plc dipped by 17 kobo or 9.29 per cent to close at N1.66 per share. Livestock Plc fell by 25 kobo or 9.26 per cent to close at N2.45.
Business
Bitcoin Hits Record High Of $91,705
Bitcoin surpassed the $91,000 mark for the first time on Wednesday, continuing its postelection momentum as traders digested the latest U.S. inflation data.
The cryptocurrency climbed over 2% in trading, reaching a high of $91,705.
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The surge came after the October Consumer Price Index (CPI) report showed prices increased by 0.2%, bringing the annual inflation rate to 2.6%, a result that was largely in line with analysts’ expectations.
The steady inflation data fueled investor confidence in assets like Bitcoin, which is often viewed as a hedge against inflation due to its limited supply.
Bitcoin’s recent rally has coincided with a broader uptick in risk assets since the U.S. presidential election.
Investors seem optimistic that fiscal policies under the new administration could drive further growth in the crypto market, though some remain cautious about inflationary pressures.
Other major cryptocurrencies followed Bitcoin’s upward trajectory.
Ether and Solana both saw gains of around 1%.
Dogecoin, meanwhile, soared by 8%, building on its postelection boost.
The meme-inspired token has seen increased attention following the news that Tesla CEO Elon Musk played a role in President-elect Donald Trump’s campaign and has join his administration,
Analysts say that this shift could continue as inflation and fiscal policy debates evolve in the months ahead.
Business
How Oil Cabals Crippled Govt Refineries, Now Scheming Against Dangote Refinery – Pastor Adeboye
The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.
The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, in Nigeria’s capital city.
Though Pastor Adeboye did not explicitly name the Dangote Petroleum Refinery, many read his remarks to have echoed ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.
ALSO READ: FIRS Names Dangote Group Most Tax Complaint Business
With the Ibeju-Lekki, Lagos based Dangote Refinery about the only facility currently refining petrol in Nigeria, many read Pastor Adeboye’s comments to reflect the dispute between the refinery and oil marketers, who seek to continue importing refined products.
Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result.
He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.
“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”
Pastor Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption.
He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.
The marketers, according to the renowned pastor, appear to have gone into alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.
He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.
Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.
Recall that the Crude Oil Refineries Owners Association of Nigeria (CORAN) had urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).
Business
Petrol Prices To Drop As IPMAN, Dangote Strike Supply Deal
In a major development for Nigeria’s oil market, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has secured an agreement with Dangote Petroleum Refinery to begin lifting petroleum products, directly, for distribution in the domestic market.
This agreement aims to stabilize and potentially lower pump prices for consumers by ensuring a consistent supply of refined products like Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Dual-Purpose Kerosene (DPK) directly from the refinery.
Announcing the deal, IPMAN’s National President, Abubakar Garima, highlighted the economic benefits of this collaboration. “The new arrangement with Dangote Refinery will ensure a steady and ceaseless supply of PMS products all over Nigeria at an affordable rate,” Garima stated at a press briefing in Abuja.
This move is expected to reduce the influence of middlemen, cut costs, and enhance price stability in the oil sector, a vital aspect of Nigeria’s economy.
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The agreement follows recent challenges faced by IPMAN, which, despite paying a substantial sum of N40 billion to the Nigerian National Petroleum Company Limited (NNPCL), struggled to source refined products. In response, Dangote officials had previously remarked that though the refinery held ample stock, marketers had yet to make adequate payments. However, Garima’s remarks reflect optimism that this direct deal will foster smoother operations.
Energy expert Kelvin Emmanuel has suggested the deal could significantly reduce overheads for IPMAN, potentially eliminating certain financing and margin costs previously incurred through NNPCL, bringing down the overall cost per metric tonne of petroleum.
Additionally, IPMAN’s support for the Federal Government’s Compressed Natural Gas (CNG) initiative signals a shift towards diversifying energy sources. The association has called on its members to prepare for CNG infrastructure at their stations, anticipating that CNG will play a vital role in rejuvenating Nigeria’s energy landscape.
With this new arrangement, IPMAN and Dangote aim not only to enhance petroleum accessibility but also to contribute to economic growth and job creation. Garima also emphasized the importance of IPMAN members backing this deal, aligning with the government’s broader goals for energy stability and affordability, especially as Nigeria seeks to lessen its reliance on imports.